But there are plenty of experts who would argue such notions are off the mark.

Using data from the Energy Information Administration and Canadian energy consultancy ITG, we have put together what we think is a comprehensive review of the American shale story. Ultimately, we think that you'll conclude that "Saudi America" is real and here to stay.

So, despite the rapidly falling production rates per well, there are huge numbers of wells to come.

The Marcellus Shale currently has around 12,000 wells. Industry estimates suggest this number could head north of 100,000.

"The long-term outlook for shale/tight oil and gas production is supported by the large area extent of the plays and hence the number of wells that can be drilled," the EIA's Sam Gorgen told us. Even in their worst-case scenario, the EIA says oil production will merely flat-line, not drop off.